January 15, 2011
Alternate Energy Holdings, Inc. (AEHI) has filed "voluminous papers" in opposition to a U.S. Securities and Exchange (SEC) motion to freeze assets according to its attorney, Richard A. Roth, with the New York City-based Roth Law Firm, PLLC.
In a December 16, 2010, filing the SEC charged the company with "fraudulently raising funds for a $10 billion nuclear power project" while asking for an emergency order freezing the assets of the company and two executives, including Founder and Chief Executive Officer Donald L. Gillispie.
In a 46-page affidavit response from Gillispie, the defendent categorizes the "six (6) bases of wrongdoing" alleged by the government as "false."
Gillispie says the SEC’s "broad, consulsory, allegations of market manipulation are incorrect and wholly ignores all other possible explanations for AEHI’s sharp increase in stock price…"
Gillispie also offers explanations for an alleged false statement that "AEHI’s nuclear power plant project is fully funded" — calling the Private Placement Memorandum cited by the SEC "an altered document that was not prepared or disseminated" by the company.
In a rebuttal to charges that the defendants "promoted AEHI despite its weak financial conditions," Gillispie says the company "was engaged in a legitimate good faith effort to raise necessary capital for the company."
Gillispie admits that "due to the complexities of building a nuclear power plant, however, things have not gone entirely to plan."
AEHI was incorporated in 2001 and began public trading in 2006 through a reverse merger.